Forex: US dollar stronger against yen but down on euro on latest US economic updates

on Jul 1, 2013
Listen Monday July 1st:_ The ISM US manufacturing data was released at 15:00 BST today, showing growth in June and rebounding from May’s unexpected contraction. The ISM index of national factory activity in June rose to 50.9 from May’s 49.0, bettering expectations for 50.5. A reading above 50 indicates expansion in the sector.

Separately, spending on residential housing in May was reported to have risen to its highest level in four and a half years, helping to send overall construction spending higher despite a big drop in non-residential activity. Construction spending rose 0.5 percent in May, compared with April when spending was up 0.1 percent. Spending on non-residential projects fell 1.4 percent, dragged lower by declines in office building and retail, including shopping centres.

And the ISM employment index fell to 48.7 in June, its lowest level since September 2009.
Overall, the US economy expanded 1.8 percent during the first quarter of the year, with consumer spending increasing by less than expected.
Following these releases, the US dollar remained lower against the Euro and the pair rose to a three-day high at 1.3060, a gain of 0.54 percent to this point in the day.
The USD strengthened versus the Japanese yen and currently the quote is around 99.65, close to the intraday high at 99.84.